There has been a dramatic fall in the number of jobs available to new applicants as well as the number of applications being received for each position in the past twelve months. That's according to the latest data from the world's largest network of job boards, Broadbean Technology. The number of jobs available at any particular time usually give an indication of the health of the country's economy and since this has stalled in the past year, alarm bells may be starting to ring meaning that the country's economy is beginning to weaken.
Researchers will be keeping a watchful eye on the state of the employment sector in he UK to see how stock markets react to the different numbers of jobs on offer. This usually reflects the amount of confidence different companies and institutions have of the stock market. It is said that if there are two consecutive quarters of negative growth in any particular period, the country is technically in a recession which means there is likely to be a much bigger fall in the number of jobs on offer to everyone.
This in turn will make it harder for everyone to have enough money in order to afford a comfortable standard of living which they can easily manage by themselves. The interest rate which is set by the Bank Of England is also likely to fall as a consequence meaning the amount of savings and investments people have will be affected and there will be little or no growth in the economic sector.
The data collected by the firm shows that there has been a 3% decline in the number of jobs last month when comparing the same figures to that of July which highlights a major slowdown in the jobs market. Both jobs and applications fell when compared to data from the same period last year, dropping 24% and 30% respectively.
Alex Fourlis, Managing Director of Broadbean Technology, commented on the data:
"Both the data on new jobs and applications paints a concerning picture for UK employers across all industries. It will come as no surprise to firms in many sectors but we do not have enough highly skilled professionals in the country at the moment to meet demand, even when the number of new roles has fallen."
"We would expect to see a connection between the new job and application data, however, the fact that the proportion of new applications has fallen at a much deeper rate than the number of new roles suggests that skills shortages are intensifying. Businesses won't be able to solve these problems overnight and will need to invest in ways to source and hire the right talent as well as upping their retention efforts in order to hang on to the skills they already have on their books in such a skills-short environment."
If there is a slowdown in the jobs market, it will mean it will drastically effect the amount of money people have in the pockets meaning they will not be able to afford the every day items that they usually buy. They may have to resort to buying cheaper brands in order to make ends meet or try and decide whether they actually do need that particular product or can go with out.
They may also have to resort to applying for different state benefits to ensure they have enough money for the products and services they actually need. This however can be a difficult situation as they may have to undergo a complicated needs assessment which will analyse and find out the exact amount of support different people need. This can take time to arrange and payments can also take a lot of time to be processed once they have been submitted.